Member Info for blackgold00

"would you put your kids' inheritance on it?"

NO, tell me what small Oil & Gas exploration company would you, I would think most to consider the sector to be high risk/high reward, and not for widows or orphans.

" any Farm-In would have to be approved by the TPDC anyway"

it would have to be a legitimate refusal by the TPDC, and I would expect a large company's legal team might, tie them up in nots,

"Majedie 10%, BOD's own holdings 3% and Argo 5% they have it pretty much in the bag".

surely that would depends on what an alternative offer price/value would be.

manipulation? don't be silly, I expect that the Tanzanian Gov have many legitimate reasons why the Mtwara PSA licence has not been issued yet.

"So matherdj are you suggesting that the TPDC and the Tanzanian govt are holding shareholders to ransom over the License, farm-out, fallacious claim"

I know you're just being ironic Crusty, but I have often thought throughout this farm-out saga, that the Tanzanian govt along with the Zubairs and with us having to toe the line, have always sort to protect their interests, namely the Mtwara PSA licence from which the development licence springs.

So if the Mtwara licence (75% to Aminex) was issued sometime back and before Aminex F/O intentions have been ratified at the EGM, then potentially as far as the Government and the Zubairs are concerned, Aminex with that valuable asset the Mtwara licence could had been exposed to another, but, an unwelcome outsider to farm-in or even a takeover, at a price higher than what otherwise the Zubairs have in mind ? just musing

"The market does not need the vote"

maybe not the market, but what about the Tanzanian Gov wouldn't they want that assurance/commitment from Aminex that the F/O vote will give them before issuing that very valuable licence, i'm thinking, hoping, the Mtwara extension will come hard on the heels of the EGM vote.

yes, you invest in this kind of stock only money you can afford to lose, you do your homework you pay your money and take your chances.

TB "This is your money for your children and their children and it's been whittled away with unreasonable remuneration and interminable delays. "

"Yes excellent clear concise factual and non emotional post"

give me a break, he is still trying to influence us all by his continual whinging and moaning, this is a (high risk high reward) stock and sector of the stock market, only a fool would risk money on such stocks, that's intended as an inheritance for their children.

yes and a Merry Christmas from me, to one and all, here at the Aminex board. My prediction for 2019, transformational year for Aminex. here's hoping anyway : )

bleed like a stuck pig

Drewky "That's not right BG, I'm afraid you can't take one sentence and judge it from that alone. The whole document has to be read and absorbed"

Drewky, that sentence was not taken from the circular, but from yesterdays Operational Update 17 December 2018, which I read as stated. Drewky nothing definite of course, but I find it interesting that Aminex should state that at this time (so close to EGM) as factual, if indeed it is not. though as my wife keeps pointing out to me this is Aminex. : )

"Chikumbi-1, which will be drilled to a total true vertical depth of 3,485m, will fulfil one of two remaining exploration commitment wells and, upon success, is intended to be completed as a producing well in a future development programme."

i'm going to stick my neck out here, and say, that after reading that sentence, ("will fulfil one of two remaining exploration commitment wells") and (especially as that is totally different from last update re; Mtwara drilling commitments of 4 exploration wells) that Aminex has had confirmation that the Mtwara licence, well be or has been extended. Just in time for EGM vote, here's hoping anyway : )

"The Chikumbi-1 well is located within the Mtwara Licence of the Ruvuma PSA, in Southern Tanzania, approximately 4 km west of the successful 2017 Ntorya-2 appraisal well, in the onshore portion of the Ruvuma Basin".

"Chikumbi-1, which will be drilled to a total true vertical depth of 3,485m, will fulfil one of two remaining exploration commitment wells and, upon success, is intended to be completed as a producing well in a future development programme."

Dewky, "The circular covers it and it could be just the Ch1 decision it is up to the minister"

Dewky, could you please point me to whereabouts in the circular it states that

must admit Drewky, i'm a little bit lost as to where we stand exactly right now. there was as I understood it, prier to the (Ruvuma Update Loan Extensions) 27 June 2016 RNS, 4 commitment wells, 2 for Lindi and 2 for Mtwara, but then it seemed the 2 from the Lindi were transferred to the Mtwara licence. So i'm hoping after yesterdays announcement, that now, we have given up the Lindi licence, the TPDC has agreed, (though it is still in the ministry's hands) to remove the obligation of the 2 wells that was transferred from the Lindi to the Mtwara.

http://www.lse.co.uk/share-regulatory-news.asp?shareprice=AEX&ArticleCode=9aw0bp4e&ArticleHeadline=Ruvuma_Update_and_Loan_Extensions
27 June 2016
"Furthermore, the Company has completed discussions with the TPDC with regards to transferring the drilling obligations in the northern Lindi Licence covered by the Ruvuma PSA into the southern Mtwara Licence, which includes the appraisal area for the Ntorya discovery. With the support of the TPDC, the transfer of the Lindi drilling obligations to the Mtwara licence area is also being processed for Ministerial approval and signing. Thereafter, the Company intends to drill the Ntorya-2 well to satisfy the appraisal drilling obligation and then to apply for a 25-year development licence subject to its success."

from circular
"The terms of the Ruvuma PSA required two wells to be drilled on the Lindi Licence, which expired in January 2018 and the Company will not seek an extension in respect of the licence. Although the wells have not been drilled, the Group has met the minimum expenditure for the Lindi Licence. If the Tanzanian authorities require two exploration wells to be drilled on the Lindi Licence, the Farm-Out Agreement clarifies that Zubair will not be liable for any costs related to such wells as it is not farming into the Lindi Licence. Consequently, Aminex would be required to bear the costs and expenses of such wells in proportion to its participating interests prior to Completion (i.e. 75 per cent.). The Company will not undertake the spudding of any wells on the Lindi Licence within the 12 month period from the date of this Circular".
"An addendum to the Ruvuma PSA was entered into between the Tanzanian Government, the TPDC and Ndovu on 28 January 2014, pursuant to which Ndovu agreed to grant security of up to 15 per cent. of additional Profit Gas from the Kiliwani North Development Licence to the Tanzanian Government in the event that the work commitments for the Ruvuma PSA are not fulfilled, such security to be met by the partners in the Ruvuma PSA in accordance with their Participating Interests in the Ruvuma PSA. While Zubair is farming into the Ruvuma PSA, it will not have a participating interest in the Kiliwani North Development Licence. Consequently, Aminex’s interest in the Kiliwani North Development Licence is exposed to Zubair or APT, as operator of the Ruvuma PSA, not fulfilling work commitments for the Ruvuma PSA

so it sounds like, when we do (eventually) get the Mtwara PSA extension, and after CH-1 has been drilled, there will be only 1 commitment exploration well left to be drilled.

"Chikumbi-1, which will be drilled to a total true vertical depth of 3,485m, will fulfil one of two remaining exploration commitment wells and, upon success, is intended to be completed as a producing well in a future development programme."

slide 22 shows fairly clearly what that fluid most probably is

http://admin.aminex-plc.com/uploadfiles/Corporate%20Presentation%20Oct%202018.pdf

23rd August 2018
Kiliwani North-1

"Pressure at the Kiliwani North-1 well has sufficiently built up and the Company continues to work with all parties to stimulate the production as soon as possible".Â

http://www.lse.co.uk/share-regulatory-news.asp?shareprice=AEX&ArticleCode=yazxflup&ArticleHeadline=Operational_Update

If pressure at KN-1 has built up as announced 29 Aug, and now the faulty valve is repaired, then surely the gas must flow.

29 August 2018 Kiliwani North Update

"As previously announced, pressure at the Kiliwani North-1 well has continued to build up and the Company has commenced remediation work on the well. The Company initially plans to repair a faulty valve during the current quarter, which is expected to allow for gas to flow from the well and evaluate operational parameters at the reservoir and gas processing facility"

its obvious, no licence until the Tanzy Gov can be assured that Aminex has the wherewithal to honour commitments of Mtwara PSA licence and funds for development licence. so as far as the Tanzy Gov concerned, the vote at F/O EGM is paramount

"There is a firm initial plan to produce through two existing wells and a third, new, well which Ndovu advise is planned for Q2 2019"

New CPR attributes additional Jurassic exploration upside of 1.3 TCF 2U (P50) GIIP (gross